Thursday, February 22, 2024

Tata Power secures $425 million in funding for a solar fabrication

The US International Development Finance Corporation (DFC) has approved up to $425 million in financing to TP Solar Limited for an upcoming greenfield 4.3 GW solar cell and module manufacturing project.

TP Solar Limited is a subsidiary of Tata Power Renewable Energy Limited (TPREL), a developer of renewable energy projects. They also own, operate, and maintain projects, including solar, wind, hybrid, round-the-clock (RTC), peaking, floating solar, and battery storage systems.

TP Solar Limited’s greenfield 4.3 GW solar cell and module manufacturing project will be set up in Tirunelveli district of Tamil Nadu, India. This plant will integrate advanced technologies to produce high-watt solar modules and cells with industry-leading efficiency. Additionally, the facility will implement Industry 4.0 standards for smart manufacturing.

“We appreciate DFC’s assistance for our solar cell and module production facility in Tamil Nadu. It shows the trust and belief DFC has in Tata Power’s ability to set up a state-of-the-art manufacturing supply line in the country. This will go a long way in supporting the renewable and clean energy transition in the country.” said Dr. Praveer Sinha, CEO and MD of Tata Power.

The solar module manufacturing project is expected to generate more than 2,000 employment opportunities directly or indirectly; most employees are women workers from the local area.

Tata Power’s renewable portfolio stands at 7.8 GW, of which 4.1 GW is operational, and 3.6 GW is under implementation. The company also has a state-of-the-art solar cell and module manufacturing plant of 500 MW in Bengaluru.

Tata Power is committed to increasing its clean and green energy capacity, aiming to raise it from 38% to 70% by 2030.

DFC’s financial support will contribute to India’s commitment to achieving the 500 GW clean energy target by 2030.

The plant’s first module production is expected by the year-end, and the first cell production is expected in the first quarter of the following year.